The Libyan Investment Corporation (the Libyan sovereign wealth fund) welcomed the issuance of a ruling from the Brussels Appeals Court to lift all judicial reservations imposed on the Foundation’s funds and its group at the Eurocker Brussels Bank.
“With the issuance of this ruling, there are no longer any judicial reservations on the institution’s assets and group in the Kingdom of Belgium,” she added in a statement published on the social media platform X.
The statement stated that the reservations have been imposed since 2017, and the volume of the Foundation’s funds in the Eurokel Bank is estimated at 15 billion dollars.
Muammar Gaddafi established the Libyan Investment Corporation in 2006 to manage the oil wealth of the country, and the United Nations has froze the origins of the Foundation since the popular revolution in 2011 that overthrew Gaddafi. Its assets in Belgium are still subject to this freezing.
Earlier this month, the United Nations Security Council approved a resolution allowing the Foundation to invest its frozen assets in fixed income tools, provided that these tools and income achieved remain frozen.
Last year, the Foundation applied to cancel the freezing of assets.
She said in her statement that the United Nations decision would enable it to “preserve it from the risks of erosion, maximize its market value, and ensure its continued growth.”
